The nomination of Janet Yellen to replace Ben Bernanke as chairman of the U.S. Federal Reserve sent the U.S. dollar up against other currencies and gold down in Wednesday trading.
Gold futures for December delivery dropped 1.3% to $1,307.20 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,323.30 and as low as $1,294.60. Bullion closed in London at $1,308, according to BullionVault.
Silver futures for December delivery slid 2.5% to $21.89 per ounce. Wednesday’s high for silver was $22.41, while the low was $21.75.
Metal funds declined in Wednesday trading.
- The SPDR Gold Shares (GLD) fell 1%.
- The iShares Gold Trust (IAU) sank 1.1%.
- The iShares Silver Trust (SLV) dropped 2.1%.
Mining ETFs were mostly lower during the day.
- The Market Vectors Gold Miners ETF (GDX) rose 0.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) sank 1.2%.
- The Global X Silver Miners ETF (SIL) fell 0.3%.
Gold mining shares were mixed on Wednesday.
- Agnico-Eagle Mines (AEM) dipped 0.5%.
- Barrick Gold (ABX) edged up 0.1%.
- Eldorado Gold (EGO) gained 0.2%.
- Goldcorp (GG) rose 0.3%.
- Kinross Gold (KGC) slipped 0.2%.
- Newmont Mining (NEM) added 0.6%.
- NovaGold Resources (NG) tumbled 6.4%.
- Yamana Gold (AUY) added 1.3%.
Silver mining shares sank during the day.
- Coeur d’Alene Mines (CDE) slid 0.7%.
- Hecla Mining (HL) added 1.5%.
- Pan American Silver (PAAS) fell 0.7%.
- Silver Wheaton (SLW) dipped 0.6%.
- Silver Standard Resources (SSRI) dropped 3.9%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.